First time investing in New York City (NYC)

[Chinagolum Adigwe]

Hi everyone!

I'm a recent graduate (22) who is going to be beginning their career in Midtown Manhattan once the world opens back up. At first I was going to pursue the rental approach, but believe that it would be more practical to use the money I would be spending on rent (and savings) to acquire property. I would like to stay in Manhattan or the more desirable parts of Brooklyn if I can find something I could affordable and worth my time, but would be open to other options as long as they are no further than an hour away from Midtown. By the time of purchase, I will be making 100k+ and would have 20-30k saved for downpayment (and closing). My goal would be to stay in the property and pay the mortgage (with a roommate if I find something with more than one bedroom) until I move within 1-3 years then rent the place with enough rental income to have it cashflow or at least break even. I was wondering how I could make this worth, if possible. I know this is a bit of a stretch considering taxes, hoas, pmis, etc but I am open to any route that would benefit me more than renting (even if the deal isn't considered the "best"). Any advice would be appreciated and if what I'm going for is not logical/possible don't hesitate to explain why I'd be better off renting. Thanks in advance!

[Suzanne Player]

Are you familiar with New York State’s mortgage programs for 1st time homebuyers?  You will probably fit the income limits.  There is a low interest rate program (lower than the standard conventional loan) and a recent graduate program (which is good for 4 years after you graduate).  

Here is a link to their page giving an overview of their programs:

https://hcr.ny.gov/sonyma-prog...

The income limits page for the low interest program is here: https://hcr.ny.gov/system/file...

A lot of well known banks offer these programs, like Chase.  If you need a referral, feel free to message me, I used to be a mortgage banker & know a few people with experience.